Weekly Hot Take - Ready for launch
1/05-5/05
Welcome everyone!
Hello everyone, and welcome to a new weekly newsletter! I want to thank you all for reading the weekly hot take! According to the system we have been using, the precious metals are ready for launch! Let’s look at the charts below! It’s a short and quick one this week as I’m feeling a little sick this weekend. Still a great read and very bullish outlook for next week!
Metals
XAUUSD
(Monthly)
The gold monthly chart looks amazing as we are about to close at ATH’s! We have been guiding this move all the way up with our extremely simple system of EMAs as trend supporters and some timing methods such as elliot waves and cycles. We look forward to gold pushing to unseen highs in the coming months. For the cycles, we should be in the second ICL, so there is much more room to go in this longer trending move after the 8-year cycle low.
(Weekly)
The weekly candles have consolidated nicely right at the all-time highs. The EMAs have caught up as well, and the $1974 support is still holding. I do think $1923 is still possible, but that probability is reducing day by day, as the daily cycle should have been last week. So what is next, then? Well, we can expect gold to push for $2077 first, and beyond that, gold will enter blue-sky territory.
(Daily)
On the daily chart, we can see that the candles are squeezed between the momentum EMAs and the strong $1974 support. I assume that if that support breaks, we will briefly revisit $1923. But on the other hand, given the timing of the daily cycle, we should be ready with the previous daily cycle and soon advance into a new daily cycle, which should take us to $2077 next. The miners are also starting to slowly rise here already, and I assume that above ATHs, this will get even crazier. As you all know, we are fully long and positioned for the greatest bull of all time.
XAGUSD
(Monthly)
The monthly chart for silver looks extremely bullish, and one of the greatest runs is underway right now. The monthly EMAs are strongly curled upward, which doesn’t happen too often. This is momentum to round up your buys and sit very tight.
(Weekly)
Same thing with the silver weekly chart as with the gold weekly chart: the EMAs have fully caught up, and we are ready for the next phase as we will break $26 here very soon. I am ready and fully positioned for silver juniors to explode here as we break that long-standing $26 resistance.
(Daily)
Exactly as with the gold daily chart, we can see on the silver daily chart that we haven’t yet pulled back to the lines that I laid out. This implies to me that there is a lot of buying pressure and that the market is setting up for the next push higher. Levels above are $26 and then directly $28. Let’s do this, friends!
Summary
I expect gold and silver to start moving up next week.
Gold levels up: $2077 and blue skies above
Gold level down $1923
Silver levels up $26 and $28.
Silver levels are down $24.15 and $23.
Sit tight, friends!